<?php $item = $this->getNews(); ?>
<h3><?php echo $item['title']; ?></h3>
<p style="font-size: small;color: #777">published on: <?php echo date('M jS, Y', strtotime($item['update_time'])); ?> <a href="/news">Back to all news</a></p>
<div>
    <span style="float: left">
        <img src="<?php echo Mage::getBaseUrl('media') . 'news' . DS . $item['filename'] ?>" alt="<?php echo $item['title'] ?>" width="128" height="128" style="border: 1px solid #d5d5d5;padding:3px;margin-right: 10px;" />
    </span>
    <span>
        <p><?php echo $item['content']; ?></p>
    </span>
    <p style="clear: both"></p>
</div>
<a href="/news">Back to all news</a>